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Corporate Updates 12 May 2014

May 12, 2014 Leave a Comment

MCA: 

MCA has released the Form-wise details of latest version along with the date of its change for the benefit of all the stakeholders. The same will help the user to verify whether he form they are going to upload is latest or not. The complete list is available at MCA. Please ensure that you have downloaded the latest version for filing.

RBI: 

RBI has simplified the procedure for Re-Schedulement of External Commercial Borrowings (ECB) Policy through which powers have now been delegated to the designated AD Category – I bank to allow one re-schedulement of ECB due to changes in draw-down schedule and / or repayment schedule subject to certain conditions, before the maturity of the ECB. The facility will be available for ECBs raised both under the automatic and approval routes. The modification to the ECB policy will come into force with immediate effect. All other aspects of the ECB policy shall remain unchanged.

Filed Under: MCA, News & Updates, RBI

Corporate Updates 09 May 2014

May 9, 2014 Leave a Comment

MCA: 

It has been observed by the ROC at the time of examining the submitted INC-7 e-forms that stakeholders are using old format of Memorandum and Article of Association. In this regard stakeholders are requested to follow the format prescribed under Schedule I of the Companies Act, 2013 to avoid re-submission or rejection of the form.

Version of Forms INC-1, INC-7, CHG-1, CHG-4, CHG-6, CHG-9, SH-7, MR-1 has been updated on 08-05-2014. Please ensure that you have downloaded the latest version and uploading the new version of the forms only. Further

RBI:

RBI vide its Circular dated on 6th May 2014, allowed to open and operate savings bank accounts independently, by Minors above the age of 10 years and A savings /fixed / recurring bank deposit account can be opened by a minor of any age through his/her natural or legally appointed guardian. Banks are free to offer additional banking facilities like internet banking, ATM/debit card, cheque book facility etc., subject to the safeguards that minor accounts are not allowed to be overdrawn and that these always remain in credit.

Filed Under: MCA, News & Updates, RBI

Corporate Updates 08 May 2014

May 8, 2014 Leave a Comment

MCA:

1. MCA has issued Circular to invite attention towards the requirement of authentication of documents and has instructed Registrar of Companies / Regional Director to initiate quick inquiry against the PROFESSIONALS who has certified the form and signatory thereof including an officer in default who appears prima facie responsible for submitting false or misleading or incorrect information pursuant to requirement of above said Rules by giving 15 days notice to concerned professional & officer in default. All such cases will also be referred to the concerned Institute for conducting disciplinary proceedings against the member as well as debar the concerned professional from filing any document on the MCA portal in future.

2. Version of Forms INC-22, SH-7, MR-1, PAS-3, INC-7, DIR-12 has been updated on 6th May 2014 and Version of INC-1, CHG-1, GNL-1, INC-28, GNL-2, MSC-4, DIR-3, DIR-6, URC-1, DIR-12 has been updated on 07-05-2014. Please ensure that you have downloaded the latest version and uploading the new version of the forms only. Further in case there is any issue faced by stakeholders in filling up or filing any of e-forms, they are requested to raise ticket with MCA helpdesk by using link www.mca.gov.in/MinistryV2/complaints.html.

Filed Under: MCA, News & Updates

Corporate Updates 07 May 2014

May 7, 2014 Leave a Comment

MCA: 

Version of Forms INC-22, SH-7, MR-1, PAS-3, INC-7, DIR-12 has been updated on 6th May 2014. Please ensure that you have downloaded the latest version and uploading the new version of the forms only.

IRDA: 

IRDA has issued Guidelines on usage of Trade Logo of Promoting Partners of Insurance Companies to protect the interest of the policyholders and Insurance Companies to observe certain risk mitigation norms in this regard. Towards this objective the following guidelines are issued under Section 14 (2) of IRDA Act, 1999. Where an Insurer adopts the trade logo of any of its promoting partners, there shall be a prominent disclosure in all the Insurance Advertisements. The guidelines will come into force with effect from 01st October, 2014.

Filed Under: Insurance, MCA, News & Updates

Corporate Updates 05 May 2014

May 5, 2014 Leave a Comment

MCA: 

1. MCA vide its department Circular has decided to waive fees for all event based filing whose due date falls between 01/04/2014 to 30/04/2014. Through this circular it has been clarified that no additional fees shall be charged in case any of these documents are filled / uploaded in the MCA21 portal till 30-05-2014. All stakeholders are requested to uploaded all pending documents at the earliest.

2. Version of Form INC-1, Form MGT-14, Form GNL-1, Form GNL-3, Form DIR-6, Form DIR-12, Form CHG-4 has been updated on 3rd May 2014 and Version of Form DIR-3 and DIR-11 has been updated on 04-05-2014. Please ensure that you have downloaded the latest version and uploading the new version of the forms only. Further 46 new e-forms have been made available for filing w.e.f. 28.04.2014, in case there is any issue faced by stakeholders in filling up or filing any of these 46 e-forms, they are requested to raise ticket with MCA helpdesk by using link www.mca.gov.in/MinistryV2/complaints.html. In addition to describing the problem in the ticket they should also attach the filled form along with error screen shot for speedy redressal of the issues. The stakeholders should quote the ticket number while making correspondence with MCA offices.

Filed Under: MCA, News & Updates

Corporate Updates 29 April 2014

April 29, 2014 Leave a Comment

MCA:

1. MCA has notified the Companies (Registration Officesand fees) Amendment Rules, 2014 which is applicable w.e.f 28-04-2014. The e-forms INC-21, INC-22, INC-28, PAS.3, SH.7, CHG-1, CHG-4, CHG-9, MGT-14, DIR-6, DIR-12, MR-1, MR-2, MSC-1, MSC-3, MSC-4, GNL.3, ADT-1, NDH-I, NDH-2, NDH-3; as may filed by Companies, shall be pre-certified by the Chartered Accountant or the Company Secretary or Cost Accountant, in whole-time practice. The above rule has taken away pre-certification of above listed e-forms, in case of OPC and Small Companies. Further as per newly introduced Rule 12(b)(iv) prescribes for exclusive certification of Form AOC-4 (Form for filing of financial statement and other documents with the Registrar) by Chartered Accountant in whole time practice. To download & view eForms, please Click Here.

2. MCA has done Mapping of e-forms prescribed under the Companies Act, 2013 with e-forms prescribed under Companies Act, 1956. It contains the list of all eForms which were required to be filed under Companies Act, 1956 compared with new e-form as applicable under Companies Act, 2013 with the purpose of eForm as per new Companies Act, 2013. To download & view the list of eForms, please Click Here.

Filed Under: MCA, News & Updates

Corporate Updates 26 April 2014

April 26, 2014 Leave a Comment

MCA: 

The Ministry of Corporate Affairs has issued a public notice today in the newspapers in the interest of the stakeholders stating that the 46 new forms pertaining to the New Act will be available for filing w.e.f 28-04-2014, 8 AM onwards and 17 other forms will be available for filing as an attachment (Manually filled & scan copies) with general e-Forms. Other e_forms related to annual filing, XBRL, IEPF & refund etc under Companies Act, 1956 will continue to be available for filing. Copy of the Public Notice is attached for perusal and future reference.

SEBI: 

SEBI revises guidelines for Liquidity enhancement scheme with an intent to boost liquidity in illiquid securities in the equity cash and equity derivatives segments vide its Circular dated 23-04-2014. The stock exchange may introduce liquidity enhancement schemes in equity cash and equity derivatives segments subject to certain guidelines and stock exchange shall formulate it’s own benchmarks for selecting the securities for liquidity enhancement with the broad objective of enhancing liquidity in illiquid securities.

Filed Under: MCA, News & Updates, SEBI

Corporate Updates 23 April 2014

April 23, 2014 Leave a Comment

MCA: 

MCA clarifies that all Rules published under Companies Act, 2013 are effective from 1st April, 2014 and MCA has released Statement of Notification of Rules on its website clarifying the above. This puts to rest the doubts that had arisen for certain rules which were mentioned to be applicable from the date of publication in official gazette, however, the same were not yet published in the official gazette till date.

RBI:

RBI make clarification via its Circular on the extant FDI policy for pharmaceutical sector which has now been decided with immediate effect that the existing policy would continue with the condition that ‘non-compete’ clause would not be allowed except in special circumstances with the approval of the Foreign Investment Promotion Board (FIPB) of the Government of India. Foreign Direct Investment (FDI) up to 100 per cent is permitted under automatic route for greenfield investments and FDI up to 100 per cent is permitted under Government approval route for brownfield investments (i.e. investments in existing companies) in pharmaceuticals sector.

Filed Under: MCA, News & Updates, RBI

Corporate Updates 14 April 2014

April 14, 2014 Leave a Comment

Secretarial Standards: 

In terms of Section 118 (10) of the the Companies Act, 2013, every Company shall observe Secretarial Standards with respect to General and Board Meetings specified by the ICSI constituted under section 3 of the Company Secretaries Act, 1980, and approved as such by the Central Government. In light of this, the Secretarial Standards with respect to Board and General Meetings i.e. SS-1, SS-2, SS-5 and SS-7 are mandatory required to be followed. ICSI has released exposure drafts for SS-1, SS-2, SS-5 and SS-7 for comments of members. To view & download the Secretarial Standards, please Click Here.

MCA: 

Ministry of Corporate Affairs (MCA) has issued Public Notice No. MCA21/28/2014-eGov dated 11th April, 2014 informing stakeholders that the all new E-Forms will be available for upload with effect from 28th April, 2014 instead of 14th April, 2014 as notified earlier on 28th March, 2014. To view & download the copy of the Notification, click here.

Filed Under: Company Law, MCA, News & Updates

Corporate Updates 07 April 2014

April 7, 2014 Leave a Comment

MCA: 

1. MCA vide Notification No. GSR 217(E) [F.No.5/29/2013-IEPF], Dated 27-3-2014 notifies Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with Companies) Amendment Rules, 2014, by making amendment in Rules 2, 3 and Form 5 INV and accordingly the definition of “Corresponding New Banks” has been inserted and all such banks have to ensure transfer of unclaimed dividend to earmarked a/c within 90 days of holding their annual general meeting which remains unpaid or unclaimed for a period of seven years from the date of such transfer. They shall come into force with effect from the 31st march, 2014

2. MCA has released the Table pursuant to Rule 12 of the Companies (Registration of Offices and Fees) Rules, 2014. Table of fees for the documents required to be submitted, filed, registered or recorded or for any fact or information required or authorized to be registered under the Act, shall be submitted filed, registered or recorded within the time specified in the relevant provision on payment of fee as per the Schedule given in the Table.

Filed Under: MCA, News & Updates